Full Video Transcript
If you lent money to a friend or family member and are having trouble getting repaid, there may be a variety of legal options you can pursue. First, if you have a written promissory note, you could certainly try to enforce it in court. Of course, that means suing your friend or family member. Practically speaking, however, if the person can't afford to pay you, it may not help all that much to get a court order for payment. You may be able to get a lien on property secured by the loan and force its sale in order to get paid. Alternatively, you may be able to work out a payment plan with the debtor. Often, working out a manageable plan, rather than resorting to litigation, is a better result for both sides.
For more information about collecting on a debt from a friend or family member, contact an experienced attorney in your area today.